NYSE: DAL · Passenger Airlines
Delta Air Lines
Delta Air Lines is a global network airline headquartered in Atlanta. Besides flying passengers, it earns revenue from its SkyMiles loyalty program, including $8.2 billion in 2025 from its American Express co-brand card partnership. It also has a maintenance, repair and overhaul (MRO) business, cargo, Delta Vacations, and an oil refinery that supplies jet fuel. 2025 revenue was $63.4 billion (+3%), led by premium cabins, and net income was $5.0 billion. Delta has paid down debt (to $13.3 billion from $25.1 billion in 2021) and reinstated its dividend in 2023. In 2026 it ordered 30 Boeing 787-10s and 31 Airbus widebodies. For the Q3 2026 results, Delta described fuel costs as among the most elevated in recent times.
Last updated
Analysis last edited: October 15, 2026 · Financial data fetched: October 17, 2026 10:07 (SEC EDGAR) · Source 10-K filed: February 11, 2026
Built on10-K FY2025 · filed 2026-02-1110-Q (quarter ended 2026-09-30) · filed 2026-10-09
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 30.0%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 9.2%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +4.9 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 1.1x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.67x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 3 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 17.0x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 1.10
Higher than 94% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 23% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 56% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 38% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 56% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$85.54close on 2026-11-04
Market cap$55.87B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 17.0x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 2.7x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 7.8x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 6.9%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 0.8%
At FY2025 year-end: 9.1x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 2.2x
Book value at FY2025 year-end
At FY2025 year-end: 6.6x
EBITDA for FY2025
At FY2025 year-end: 8.5%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$16.67B → $20.19B (vs. a year earlier)↑ +21.1%$16.67B → $20.19B (vs. a year earlier)
- Operating margin10.1% → 7.2% (vs. a year earlier)↓ −2.9 pts10.1% → 7.2% (vs. a year earlier)
- Net income$1.42B → $756M (vs. a year earlier)↓ −46.6%$1.42B → $756M (vs. a year earlier)
- Diluted EPS$2.17 → $1.15 (vs. a year earlier)↓ −47.0%$2.17 → $1.15 (vs. a year earlier)
- Cash$4.67B → $3.79B (vs. previous quarter-end)↓ −18.8%$4.67B → $3.79B (vs. previous quarter-end)
- Long-term debt$12.91B → $12.11B (vs. previous quarter-end)↓ −6.2%$12.91B → $12.11B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
04
Company profileFrom SEC dataShow
- Legal name
- DELTA AIR LINES, INC.
- Headquarters
- ATLANTA, GA
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: DAL
- Industry
- Passenger Airlines
- CIK
- 27904
- Website
- https://www.delta.com/ ↗
- IR page
- https://ir.delta.com/ ↗
Workforce (as of FY2025 year-end)
Employees
100,000
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 10–13 days after quarter end (Jan 13, 2026; Jan 10, 2025; Jan 12, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 8–13 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 9, 2026 (+9 days) | Oct 9, 2026 10-Q (+9 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 10, 2026 (+10 days) | Jul 10, 2026 10-Q (+10 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 8, 2026 (+8 days) | Apr 8, 2026 10-Q (+8 days) |
| Q4 FY2025 | Dec 31, 2025 | Jan 13, 2026 (+13 days) | Feb 11, 2026 10-K (+42 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 9, 2025 (+9 days) | Oct 9, 2025 10-Q (+9 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 10, 2025 (+10 days) | Jul 10, 2025 10-Q (+10 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 9, 2025 (+9 days) | Apr 9, 2025 10-Q (+9 days) |
| Q4 FY2024 | Dec 31, 2024 | Jan 10, 2025 (+10 days) | Feb 11, 2025 10-K (+42 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 10, 2024 (+10 days) | Oct 10, 2024 10-Q (+10 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 11, 2024 (+11 days) | Jul 11, 2024 10-Q (+11 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 10, 2024 (+10 days) | Apr 10, 2024 10-Q (+10 days) |
| Q4 FY2023 | Dec 31, 2023 | Jan 12, 2024 (+12 days) | Feb 12, 2024 10-K (+43 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Airline
Premium products
Examples: Delta One, First Class, Delta Premium Select, Comfort+
Airline
SkyMiles
Examples: Co-brand cards with American Express
Members redeemed about 35M award tickets.
Other
MRO, cargo, Delta Vacations
From the FY2025 Form 10-K, Item 1.
U.S. and worldwide share of flagship products/services
The filings reviewed give no market share figure for the company's products or services.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-09-30)
07
Recent strategic focusSite analysis
2026 developments.
Fleet orders
Delta ordered 30 Boeing 787-10s (deliveries from 2031) and 16 A330-900s plus 15 A350-900s (deliveries from 2029), within its capex targets.
Source: 8-Ks filed 2026-01-13 and 2026-01-27
Leadership changes
President Glen Hauenstein retired February 2026; Peter Carter became President and Erik Snell CFO on April 1, 2026.
Source: 8-Ks filed 2025-12-17 and 2026-03-05
Q3 2026
Record September-quarter revenue and pre-tax profit of $1.5B; December-quarter revenue expected to grow about 20%.
Source: Q3 2026 press release
Capex ÷ D&A (FY2025)
1.84x
Well above depreciation — expansion-stage investment
formulacapital expenditures ÷ depreciation & amortization
e.g.$4,499M ÷ $2,443M = 1.84x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Where the money goes, over time
Unit: $M. Capex went from $1.9B in FY2020 to $4.5B in FY2025
- Capex
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-11
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$63.36B
As reported in the 10-K
Revenue CAGR (5 years)
+30.0%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($63,364M ÷ $17,095M) ^ (1÷5) − 1 = 30.0%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
9.2%▲favorable
+82.1pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$5,822M ÷ $63,364M × 100 = 9.2%
ROE (FY2025)
27.7%▲favorable
6-year average: -111.0%
As reported in the 10-K
P/B (FY2025 end)
2.17x
formulafiscal year-end closing price ÷ book value per share
e.g.$69.40 ÷ $31.93 = 2.17x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
6.6x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($45,330M + $13,308M − $4,310M) ÷ ($5,822M + $2,443M) = 6.6x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +30.0% a year over 5 years (strong growth)
From $17.1B in FY2020 to $63.36B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: -72.9% → 9.2%
How much operating profit is left per $100 of revenue. It moved +82.1 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▼
Equity ratio is 25.6% (relatively heavy reliance on debt)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ―
Free cash flow was positive in 4 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▼
ROE averaged -111.0% over 6 years (latest: 27.7%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- American Express
- Aeroméxico, Air France-KLM, China Eastern, LATAM, Korean Air, Virgin Atlantic, WestJet
07 · what it does
Key activities
Airline
Flights, loyalty program, MRORefinery
Refining
06 · what it draws on
Key resources
Airline
Fleet, more than 100,000 employees, jet fuelRefinery
Crude oil
02 · why customers buy
Value propositions
- Air travel with a global network, premium cabins and international joint ventures, plus the SkyMiles program.
04 · how it keeps them
Customer relationships
- SkyMiles loyalty program; American Express buys miles for its co-brand cards.
03 · how it reaches them
Channels
- Delta.com and its app, airport and phone sales, and travel agencies and corporate travel channels.
01 · who it serves
Customer segments
Airline
Leisure and corporate travelers; American Express (mile purchases)Refinery
Delta airline; third parties
09 · where money goes
Cost structure
FY2025, share of revenue ($63.36B)
- Other operating costs (incl. cost of goods sold)90.8%
Operating profit left: 9.2% of revenue. Depreciation & amortization (inside the costs above): $2.44B. Capital spending: $4.5B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
Airline
Passenger revenue $51.8B- Other (loyalty, MRO, refinery) $10.7B
Refinery
Fuel and product sales
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Airline
Scheduled passenger and cargo air transportation, with hubs including Atlanta, international joint ventures, premium cabins and the SkyMiles loyalty program.
01 what it draws on
Inputs & resources
- Fleet, more than 100,000 employees, jet fuel
02 what it does
Activities
- Flights, loyalty program, MRO
03 who it serves
Customers
- Leisure and corporate travelers; American Express (mile purchases)
04 how money comes in
How it earns
- Passenger revenue $51.8B
- Other (loyalty, MRO, refinery) $10.7B
- Cargo $0.9B
Airline: how it makes money
- Premium yield growth outpaced the main cabin.
- American Express remuneration of $8.2B in 2025, which Delta expects to grow to $10B.
Refinery
Monroe's Trainer refinery near Philadelphia (about 200,000 barrels/day) supplies jet fuel to Delta's northeastern operations, including New York hubs; Delta owns it to mitigate the refining margin in jet fuel prices.
01 what it draws on
Inputs & resources
- Crude oil
02 what it does
Activities
- Refining
03 who it serves
Customers
- Delta airline; third parties
04 how money comes in
How it earns
- Fuel and product sales
Refinery: how it makes money
- Third-party refinery sales are excluded from Delta's adjusted unit revenue (TRASM).
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Delta lost antitrust immunity for its Aeroméxico joint venture and faces PFAS rules.
Approvals & licenses
DOT antitrust immunity
DOT terminated antitrust immunity for its Aeroméxico joint cooperation agreement on September 15, 2025.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Environmental rules
PFAS rules
EPA designated certain PFAS as hazardous substances under CERCLA in 2024.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Passenger
51,768 (82%)Other (loyalty, MRO, refinery, etc.)
10,696 (17%)Cargo
900 (1%)
Source: Form 10-K (FY2025) — operating revenue table Revenue lines; Delta reports airline and refinery segments.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
Delta's most significant contract to sell miles is its co-brand credit card relationship with American Express.
American Express co-brand
$8.2B of remuneration in 2025
Typical term: Long-term
Delta expects $10B over the next few years.
Source: Form 10-K (FY2025) — Item 1
11
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Business partnership
American Express
Co-brand credit card relationship; Delta's most significant mile-sales contract.
Source: Form 10-K (FY2025) — Item 1
Joint venture
Aeroméxico, Air France-KLM, China Eastern, LATAM, Korean Air, Virgin Atlantic, WestJet
International alliances, the most significant being commercial joint ventures or cooperation agreements with joint sales.
Source: Form 10-K (FY2025) — Item 1
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Leisure and corporate travelers; American Express buys miles.
Named by the company
- American Express — $8.2B remuneration in 2025.Form 10-K (FY2025)
Suppliers
Aircraft from Boeing and Airbus; engines from GE and Rolls-Royce on recent orders; crude oil for the Trainer refinery from various providers.
Named by the company
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The proxy defines an industry peer group of United, American, Southwest, Alaska and JetBlue (plus Delta) for unit revenue comparisons.
Competitors named in the 10-K
U.S. airlines (industry peer group)
Peer group the company chose
Compensation peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Three major U.S. airlines and 18 companies from logistics, consumer, retail, hospitality, aerospace/defense and technology; unchanged from 2024.
- American Airlinessite ↗
- American Expresssite ↗
- Best Buysite ↗
- Boeingsite ↗
- Coca-Cola Companysite ↗
- Deere & Companysite ↗
- FedExsite ↗
- The Home Depotsite ↗
- Honeywellsite ↗
- Marriott Internationalsite ↗
- McDonald'ssite ↗
- Nikesite ↗
- Procter & Gamblesite ↗
- RTXsite ↗
- Southwest Airlinessite ↗
- Starbuckssite ↗
- Targetsite ↗
- Ubersite ↗
- Union Pacificsite ↗
- United Airlinessite ↗
- UPSsite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-11
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-11
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-11
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-11
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 17,095 | 29,899 | 50,582 | 58,048 | 61,643 | 63,364 |
| Operating income | -12,469 | 1,886 | 3,661 | 5,521 | 5,995 | 5,822 |
| Pretax income | -15,587 | 398 | 1,914 | 5,608 | 4,658 | 6,185 |
| Net income (attributable) | -12,385 | 280 | 1,318 | 4,609 | 3,457 | 5,005 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 74.9% | 69.2% | 14.8% | 6.2% | 2.8% |
| Operating margincalcoperating income ÷ revenue × 100 | -72.9% | 6.3% | 7.2% | 9.5% | 9.7% | 9.2% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | -72.4% | 0.9% | 2.6% | 7.9% | 5.6% | 7.9% |
| Balance sheet ($M) | ||||||
| Total assets | 71,996 | 72,459 | 72,288 | 73,644 | 75,372 | 81,317 |
| Total equity | 1,534 | 3,887 | 6,582 | 11,105 | 15,293 | 20,853 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 27,974 | 25,084 | 21,381 | 18,610 | 15,347 | 13,308 |
| Equity ratio | 2.1% | 5.4% | 9.1% | 15.1% | 20.3% | 25.6% |
| ROE | -807.4% | 10.3% | 25.2% | 52.1% | 26.2% | 27.7% |
| Cash flow ($M) | ||||||
| Operating CF | -3,793 | 3,264 | 6,363 | 6,464 | 8,025 | 8,342 |
| Investing CF | -9,238 | -898 | -6,924 | -3,148 | -3,739 | -4,186 |
| Financing CF | 19,356 | -3,852 | -4,535 | -3,394 | -4,260 | -3,076 |
| Free cash flowcalccash flow from operations − capital expenditures | -5,692 | 17 | -3 | 1,141 | 2,885 | 3,843 |
| Cash and equivalents | 8,307 | 7,933 | 3,266 | 2,741 | 3,069 | 4,310 |
| Per share & other | ||||||
| EPS ($) | -19.49 | 0.44 | 2.06 | 7.17 | 5.33 | 7.66 |
| BVPS ($) | 2.40 | 6.07 | 10.26 | 17.26 | 23.66 | 31.93 |
| Dividend per share ($) | 0.40 | 0.00 | 0.00 | 0.20 | 0.50 | 0.68 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | — | 0.0% | 0.0% | 2.8% | 9.4% | 8.8% |
| P/E (x) | — | 88.8 | 16.0 | 5.6 | 11.4 | 9.1 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | — | 10.9 | 6.8 | 5.3 | 6.0 | 6.6 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 16.73 | 6.43 | 3.20 | 2.33 | 2.56 | 2.17 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $20.19B+21.1% | $1.45B-13.7% | $756M-46.6% | $1.15 |
| 2026-06-30 | $19.76B+18.7% | $1.86B-11.3% | $1.6B-24.7% | $2.44 |
| 2026-03-31 | $15.85B+12.9% | $501M-12.0% | −$289M-220.4% | $-0.44 |
| 2025-12-31 † | $16B+2.8% | $1.47B-14.6% | $1.22B+44.5% | — |
| 2025-09-30 | $16.67B | $1.68B | $1.42B | $2.17 |
| 2025-06-30 | $16.65B | $2.1B | $2.13B | $3.27 |
| 2025-03-31 | $14.04B | $569M | $240M | $0.37 |
| 2024-12-31 † | $15.56B | $1.72B | $843M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
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Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
14.3%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$5,822M × (1 − 20.5%) ÷ $32,401M × 100 = 14.3%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
9.42%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $45.33B ÷ ($45.33B + $13.31B) = 77.3%
e.g.Debt weight: $13.31B ÷ ($45.33B + $13.31B) = 22.7%
e.g.WACC: 11.0% × 77.3% + 5.1% × (1 − 20.5%) × 22.7% = 9.42%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 7.9%–11.3% and ROIC − WACC runs +3.0 to +6.4 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 9.42% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 1.10 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 11.00%
- Cost of debt
- 5.10%
- Tax rate
- 20.5% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 77% : 23%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 9.42%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 1.10 (price-derived adjusted beta. Raw β 1.15, R² 0.19, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 1.150 + 0.33 = 1.100
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 1.1 × 5.5% = 11.0%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
3.5%
Perpetual FCF growth: g = r − FCF ÷ EV = 9.4% − 5.9%
Past FCF growth (FY2020–FY2025)
—
Not computable (FCF not positive in both years)
Past revenue growth (FY2020–FY2025)
+30.0%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $3.84B (operating CF − capex); enterprise value $64.87B = market cap $55.87B (latest close, 2026-11-04) + debt $13.31B − cash and short-term investments $4.31B; r = WACC of 9.4% using this page’s default assumptions (β 1.10, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$65.14B
FCF $3.84B ÷ (9.4% − 3.5%)
Theoretical ÷ actual enterprise value
1.00x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 7.4% | 8.4% | 9.4% | 10.4% | 11.4% |
|---|---|---|---|---|---|
| 0% | 0.80x | 0.71x | 0.63x | 0.57x | 0.52x |
| 2% | 1.10x | 0.93x | 0.80x | 0.71x | 0.63x |
| 4% | 1.74x | 1.35x | 1.10x | 0.93x | 0.80x |
| 6% | 4.23x | 2.47x | 1.74x | 1.35x | 1.10x |
| 8% | — | 14.81x | 4.23x | 2.47x | 1.74x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
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Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 4.38x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -4.3%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 94%
Most profit comes from core operations.
- ✓
Days sales outstanding: 30 → 17 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-11
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-11
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$8,342M ÷ $5,005M = 1.67x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$5,822M ÷ $6,185M × 100 = 94%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($3,224M + $2,850M) ÷ 2 ÷ $63,364M × 365 = 17 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
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Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 88.3%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 11.7%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 220 of 416
- Beta (adjusted)
- 1.10
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 53% of covered companies have more
above 1 = swings more than the market
- 580.7M shares reported by 1,515 13F filers ÷ 657.6M shares outstanding on 2026-06-30. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table (percentage computed from the group’s share count ÷ shares outstanding); includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-04-24 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-06-30)
19
Strengths & weaknessesSite analysis
Strengths
1. Loyalty economics
American Express remuneration of $8.2B in 2025.
Evidence: Form 10-K (FY2025)
2. Balance sheet repair
Interest-bearing debt fell from $25.1B (2021) to $13.3B (2025).
Evidence: SEC EDGAR XBRL
3. Premium demand
2025 revenue growth was driven by premium products and corporate customers.
Evidence: Form 10-K (FY2025) MD&A
Weaknesses
1. Fuel sensitivity
Delta cited a highly elevated fuel environment in 2026; full-year EPS outlook is $5.10–5.60, below 2025's $7.66.
Evidence: Q3 2026 press release
2. Thin unit revenue growth
Adjusted TRASM fell 1% in 2025.
Evidence: Form 10-K (FY2025)
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
9.1x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
0.97%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
9%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
8.5%
(Operating CF − capex) ÷ market cap
1. Resilient earnings
Pre-tax profit held flat in Q3 2026 despite high fuel.
- What has to hold
- Demand stays strong.
- The other side
- Airlines are cyclical.
Evidence: Q3 2026 press release
2. Dividend growth
Dividend rose from $0.20 (2023) to $0.675 (2025).
- What has to hold
- Cash flow supports it.
- The other side
- Debt reduction is prioritized.
Evidence: SEC EDGAR XBRL
Interest expense is reported net of interest income; 2021 is not filled.
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
3.1x
$4.31B vs. $1.37B
Interest coverage (operating income ÷ interest expense)
8.6x
$5.82B vs. $679M
Free cash flow ÷ dividends paid
8.7x
$3.84B vs. $440M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Operating income | -2.9% in FY2025 ($6B → $5.82B) | Not yet, as of FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Liquidity
New $2.65B revolving credit facility (undrawn) in June 2026.
Source: 8-K filed 2026-06-12
Diversified revenue
Loyalty, MRO and refinery revenue add to passenger income.
Source: Form 10-K (FY2025)
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Delta reports legal proceedings over employment, environmental, commercial and antitrust matters, with no material changes from its 10-K. It is also the plaintiff suing CrowdStrike over the July 2024 outage, covered on CrowdStrike's page.
Company statement: Delta believes resolving current matters will not have a material adverse effect.
Based on Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings, reviewed 2026-10-18. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Raw materials & energy
Jet fuel prices
- Company disclosure (summarized from the 10-K)
- Fuel is a major cost; 2026 results reflect elevated fuel prices.
- Company’s stated mitigation
- Ownership of the Trainer refinery to mitigate refining margin costs.
- This site’s assessment
- Impact High / Likelihood High
- 2Demand & macro
Travel demand
- Company disclosure (summarized from the 10-K)
- Airline demand is sensitive to the economy.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 3Labor & workforce
Labor costs
- Company disclosure (summarized from the 10-K)
- Delta pays large profit sharing ($1.3B for 2025).
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Supply chain
Aircraft and engine supply
- Company disclosure (summarized from the 10-K)
- Fleet plans depend on Boeing, Airbus and engine makers.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
24
What to watch going forwardSite analysis
- Fuel prices.
- Premium and loyalty revenue growth.
- Debt reduction (more than $2B planned in 2026).
- Leadership transition (new President Peter Carter, CFO Erik Snell).
25
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: October 15, 2026 · Financial data fetched: October 17, 2026 10:07 (SEC EDGAR) · Source 10-K filed: February 11, 2026
Built on10-K FY2025 · filed 2026-02-11
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Delta Air Lines’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.